How much debt does one have to have to file for bankruptcy? - Bankruptcy Law Questions and Answers- LawQA.com

Free Answers to your Legal Questions by Lawyers.
ask »


How much debt does one have to have to file for bankruptcy?

I owe creditors and banks for loans and credit cards. 5 years ago I stop paying them and it still haunts me now. So I'm trying to find the right solution.

Answer By Kevin Heupel
Heupel Law
Contact this Attorney Now

There is no debt requirement in order to file bankruptcy. If you have debt that you cannot afford to repay, then bankruptcy is a legitimate option. The best thing to do is to consult with an attorney to see if you're a bankruptcy candidate.

Answer Applies to: Colorado
Replied: 1/21/2012

Mercado & Hartung, PLLC
Contact this Attorney Now

There is no limit, but you should contact a local attorney to see if Bankruptcy is our best option.

Answer Applies to: Washington
Replied: 1/13/2012

Theodore N. Stapleton, PC
Contact this Attorney Now

There is no minimum debt amount to file BK. It depends upon your individual circumstances.

Answer Applies to: Georgia
Replied: 1/11/2012

Answer By J.M. Cook

Contact this Attorney Now

There is no minimum amount of debt. Also, you may find that the statute of limitations has run on collectability of these debts, depending on other factors.

Answer Applies to: North Carolina
Replied: 1/9/2012

Answer By Gary Lee Lane
CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
Contact this Attorney Now

Enough so it is a struggle for you to pay .

Answer Applies to: California
Replied: 1/9/2012

Law Office of Lynnmarie A. Johnson
Contact this Attorney Now

The "how much" depends on your individual situation.

Answer Applies to: Michigan
Replied: 1/9/2012

The Law Offices of Seth D. Schraier
Contact this Attorney Now

This cannot be answered with a simple "anything above this amount" answer, because bankruptcy for each person is different. Bankruptcy does not look just at your debts, but at your income and assets as well. For example, if you were making $500k a year, and had $10,000.00 in debts, most bankruptcy courts would be hard pressed to allow the bankruptcy. In a similar regard, if you had only $25,000.00 a year in income, but had large assets such as a million dollar home and luxury car, these assets should be sold to pay off the debt. The Bankruptcy Court will look at your income, assets, liabilities, and expenses to get a full picture of your financial standing. If your financial situation is bad enough, you may qualify for Chapter 7 Bankruptcy and have your debts extinguished. If you do not qualify for Chapter 7, you may still qualify for Chapter 13, but a Chapter 13 bankruptcy means you may have to pay off a portion of the debts that you owe.

Answer Applies to: New York
Replied: 1/8/2012

Answer By Bill Zurinskas
Bankruptcy Law Center
Contact this Attorney Now

In Colorado, the statute of limitation on debt is 6 years from the date of last payment. There is no minimum amount of debt required for filing bankruptcy. As a practical matter, $10,000 is the starting point, but I have filed at least one bankruptcy for clients with only $5000 in debt.

Answer Applies to: Colorado
Replied: 1/7/2012

Answer By Kevin Bruning
Bruning & Associates, PC
Contact this Attorney Now

There is no specific amount of debt that one must have to file bankruptcy. Bankruptcy may be an effective way to deal with old debts.

Answer Applies to: Illinois
Replied: 1/7/2012

Answer By John Brooke

Contact this Attorney Now

I would generally say around $10,000 or more to file a chapter 7. It all depends on the individual and their ability to pay it back. It also depends on how aggressive the creditors are in collecting.

Answer Applies to: New York
Replied: 1/6/2012

© 2017 MH Sub I, LLC. All rights reserved.
Terms & Conditions | Privacy Policy | IB Cookie Policy